Биржевые облигации как предмет хищения, злоупотребления полномочиями и манипулирования рынком: проблемы квалификации

Уголовное право. 2025. № 1. С. 36–50.

Dolotov R., Квасникова П. А.

The article discusses the issues of determining the value of exchange bonds in case of their being the subject of theft, abuse of power or market manipulation, which arise from the fact that they have both market and par value. The authors conclude that the purchase with entrusted funds of bonds at a price higher than the market price amounts to a crime of theft, since the victim incurs real damage. At the same time, the sale of entrusted bonds at a price lower than their market price should be qualified as an abuse of power, since the counter-provision of funds does not allow us to judge with certainty about gratuitousness and, therefore, about theft. The article also analyzes the approach of courts to the definition of major damage for the purposes of Art. 1853 of the Criminal Code of the Russian Federation in the case when the actions imputed to a person as an actus reus of market manipulation actually contain the features of theft, which raises the question of imputation of the relevant article for multiple crimes.

Keywords: манипулирование рынком, хищение ценных бумаг, злоупотребление полномочиями, abuse of power, market manipulation, exchange bonds, bond theft, биржевые облигации